German biopharmaceutical company MorphoSys AG (MOR) Thursday said it will stop work and operations on its pre-clinical research programs to optimize its cost structure. The company will also reduce its workforce at its headquarters in Planegg, Germany, by around 17 percent.
The company noted that the data from these pre-clinical programs are promising, but it would need to make substantial investments to bring these programs into the clinic. MorphoSys will explore other options for these pre-clinical research programs.
The company said the planned job cuts, along with other steps taken over the past year, would help it to focus resources on its mid- to late-stage oncology pipeline.
The company will focus its remaining research work on translational research and technical development support for its mid- to late-stage clinical programs.
Jean-Paul Kress, Chief Executive Officer of MorphoSys, said, "Given the challenging market we are operating in, we need to continue to concentrate our investments on our most-advanced clinical programs that will have the greatest and most immediate impact on patients' lives. ...Currently, our top priority is to drive our late-stage oncology pipeline forward."
The pipeline includes three Phase 3 trials - most importantly, MANIFEST-2 study of pelabresib in first-line myelofibrosis.
Jean-Paul Kress said the departing employees will be provided comprehensive benefits packages, and support for their transitions.
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